The income and expenditure account differs from receipts ...
The income and expenditure account differs from receipts and payments account because it
Accounts for notional charges
Records transactions that relate to the period on cash basis
Records transactions that relate to the period on accrual basis
Accounts for balance of cash at bank
Correct answer is B
Receipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account.
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Given: ..............Rich Social Club........... Cash.........................N100,000 Loan ........
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